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NEW YORK (AP) - Wall Street closed mostly higher Monday as investors appeared relieved that more bad news didn't emerge about risky mortgages and shrinking credit markets. Investors seeking safety pressed into shorter-term Treasurys.
In a surprise move designed to assure banks of funding availability, the US Federal Reserve (Fed) has cut its discount rate by 0.5 percentage point to 5.75%. However, the US central bank has held firm on its benchmark federal funds rate, maintaining its target at 5.25%.